NTA & Top 25 Investments as at 31 March 2017

Australian Foundation Investment Company Limited Monthly Net Tangible Asset Backing Per Share and Top 25 Investments Dear Sir / Madam Before Tax * After Tax * 31 March 2017 $5.97 $5.12 28 February 2017 $5.76 $4.96 *The before and after tax numbers relate to the provision for deferred tax on the unrealised gains in the Company's investment portfolio. The Company is a long terminvestor and does not intend disposing of its total long term investment portfolio. Under current Accounting Standards, the Company is required to provide for tax on any gains that may arise on such a theoretical disposal, after the utilisation of brought forward losses. Attached is a list of the Company's Top 25 Investments as at 31 March 2017. Yours faithfully Andrew Porter Company Secretary End CA:00299613 For:AFI Type:NTA Time:2017-04-07 16:51:16